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Declining Inventory, Sales and Pricing Steady for January

February 18th, 2020 · Leave a Comment

January 2020 real estate market reports for Northeast Florida are now available on the Market Stats section of NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

The first month of 2020 included 1,796 home sales, up slightly from 1,723 sales the prior January. The number of days on market between the two Januarys also varied little: 74 days on market this year versus 70 days on market in January 2019.

Sales prices between the two years reflect a more marked change. This year, $229,932 was the median sales price, up 11.1 percent from a median of $207,000 a year ago. There was a similar situation with average sales prices: $272,497 this January, for a 12.1 percent increase over $242,978 last year.

In a long-running refrain, extremely low inventory is a key indicator of Northeast Florida’s real estate market. Months’ supply of homes for sale dipped to 2.9 in January, down 21.6 percent from a year ago.

The 7,980 homes in inventory at January month end was 15.2 percent less than 9,412 available homes a year prior. Competition for the reduced supply resulted in 10.7 percent of properties being sold for more than the original list price.

2020 NEFAR President Ron Harris said, “January’s 7,980 and December’s 7,869 inventory levels are the only two months within the past 24-month period where inventory has dipped below the 8,000 mark. Sellers are in a highly advantageous situation.”

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